The main problem I have with studs is that I can't make them long enough to get through packed snow. My tires spin until I can find traction down deeper...by that time, I've lost momentum.
So, the idea is to get a Pugs frame and fork:
Panaracer Speedblaster 1.75's:
And some Stud Boy Snomobile bolt on studs:
The skinny little tires and big old frame will give you tons of clearance for the big ol' freakin studs. Since they're bolt on and have support plates that go on before the lock nutz...they won't push through and damage the tube as long as there's some hint of a tire liner there. This wouldn't be a shred-the-gnar setup, but more of a cross country setup that would actually let you climb those hills that you normally can't with deeper packed snow that kills the momentum.
The problem is that I don't have any money or I'd freakin' do it!!! (just to see if it'd work)
Figure $600 shipped on the frame
$150-$300 on studs
$30-$60 on tires
The rest of the parts could come from the junk pile.
A wonderful theory that will prob. never come to fruition.